Which statement best summarizes the role of supply and demand in setting prices for goods?

A. Prices are set by adding up the total supply and demand of a product and converting it to a dollar amount.
B. Prices are set by finding a balance between the high prices sellers prefer and the low prices buyers prefer.
C. Prices are set by identifying the demand for a product at a certain price and convincing buyers to pay a little more.
D. Prices are set by sellers creating a large supply of a product and then determining how much demand exists.

Question

01-07-2024
Social Studies

Answered

Which statement best summarizes the role of supply and demand in setting prices for goods?

A. Prices are set by adding up the total supply and demand of a product and converting it to a dollar amount.
B. Prices are set by finding a balance between the high prices sellers prefer and the low prices buyers prefer.
C. Prices are set by identifying the demand for a product at a certain price and convincing buyers to pay a little more.
D. Prices are set by sellers creating a large supply of a product and then determining how much demand exists.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-01T15:29:29-04:00

Final answer:

Supply and demand determine prices by reaching equilibrium between quantity demanded and quantity supplied, conveying information to buyers and sellers.

Explanation:

Supply and demand interact to determine prices for goods. The equilibrium price point is where quantity demanded equals quantity supplied, resulting in a balance between buyers' and sellers' preferences. Prices in the market are set based on the relationship between demand and supply, and they act as a mechanism to convey information to buyers and sellers.

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